• Silver struggles to extend Friday’s recovery from one-month low.
  • Bullish MACD signals, weekly resistance break keeps buyers hopeful.
  • One-month-old horizontal support challenges bears amid steady RSI.

Silver (XAG/USD) prices retreat from $22.00 during Monday’s Asian session, following the rollercoaster ride that ended with the heaviest daily gains in a week.

Although Friday’s corrective pullback from a one-month low enabled the bright metal to cross an immediate hurdle, now support around $21.85, the 200-SMA level near $22.10 seems to challenge bulls. Also challenging the quote’s upside momentum is the steady RSI (14) suggesting a continuation of a monthly trading range between 21.30 and 22.50.

That said, the metal’s latest weakness needs validation from the previous resistance line to retest the aforementioned trading range’s support, around $21.30.

Should XAG/USD bears conquer the $21.30 mark, a downward trajectory towards the $21.00 threshold and then to May’s low of $20.45 can’t be ruled out.

On the contrary, a sustained break of the 200-SMA level near $22.10 isn’t a strong welcome sign for the buyers as an upward sloping resistance line from May 27, near $22.55, could challenge the run-up.

In a case where silver prices rise beyond $22.55, early May’s swing high near $23.30 will gain the market’s attention.

Overall, silver prices are likely to witness a pullback towards testing the lower end of the immediate range.

Silver: Four-hour chart

Trend: Pullback expected

XAG/USD

Overview
Today last price 21.91
Today Daily Change -0.01
Today Daily Change % -0.05
Today daily open 21.92
 
Trends
Daily SMA20 21.9
Daily SMA50 22.96
Daily SMA100 23.64
Daily SMA200 23.45
 
Levels
Previous Daily High 21.99
Previous Daily Low 21.28
Previous Weekly High 22.52
Previous Weekly Low 21.28
Previous Monthly High 23.28
Previous Monthly Low 20.46
Daily Fibonacci 38.2% 21.72
Daily Fibonacci 61.8% 21.55
Daily Pivot Point S1 21.47
Daily Pivot Point S2 21.02
Daily Pivot Point S3 20.75
Daily Pivot Point R1 22.18
Daily Pivot Point R2 22.44
Daily Pivot Point R3 22.89

 

 

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